Yes, the automaker that Elon Musk built continued to beat analyst estimates, or at least did so with adjusted sales and profits. And, yes, Tesla expects to continue expanding production in the coming quarter, the company said in its third-quarter results. But considering the crazy momentum trade that sent the stock skyward this year (like a bird or a plane?), no one quite knows whether there’s a lurking Lex Luther.

Bloomberg

“Tesla posted solid 3Q13 financial results, beating across the board, but not as much as seems to have been needed, and, while deliveries were ahead of guidance and consensus, they fell short of our more bullish estimates,” wrote Wedbush analyst Craig Irwin on Wednesday.

Delivery numbers, operating expenses, and profit outlook have all been cited as possible explanations for the shift in momentum. But will that be enough to make the stock settle down permanently? Seriously, Wall Street wants to know.

“Lack of visibility combined with very high implied growth expectations is what keeps us Neutral,” said Goldman Sachs analyst Patrick Archambault in a note Wednesday morning. Archambault cited an opaque view of the underlying pace of demand for Tesla’s electric vehicles for the uncertain outlook. Goldman actually adjusted its 6-month price target higher to $104 from $95, but kept it well below Tesla’s trading price.

Goldman sees the stock price falling, but so do other analysts. The mean target price among 16 analysts is $152.50, according to FactSet analysis. That’s still below where the stock is trading, with targets ranging from $67 (Daiwa Securities) to $230 (Northland Securities). Only 40% have a buy rating on the stock, while 40% advise to hold and 20% say sell.

“We think sentiment may be retracing prior exuberance as investors re-calibrate the pace of (a) unit growth, (b) infrastructural/retail investments, and (c) global expansion,” said Stifel analyst James Albertine, in a note Wednesday, adding that “reality appears to be setting into valuation.”

That illustrates an important point about the gap between the outlook of investors and analysts. Underneath the momentum trade, analysts are finding a solidly-built company, albeit one with a lower price target. J.P. Morgan analyst Ryan Brinkman wasn’t pleased with Tesla’s rising expenses, but sees an improving gross margin trend. He raised his price target to $97 from $93.

“Our near-term estimates decline (e.g., 2014 EPS of $1.47 vs. $1.63 prior), as the magnitude of increased spending more than offsets the stronger gross margin; longer-term, however, we think the margin trend is more important and more durable, as increased operating expenses of a more discretionary nature can later be levered,” Brinkman wrote in a Wednesday note.

But, judging by Twitter sentiment, investors may not yet be on the same page:

@clprenz Denial–>Fear–>Desperation–>Panic $TSLA investors are only at the denial stage, plenty of downside from here.

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